Market Trends of Online Doctor Consultation Industry
This section covers the major market trends shaping the Online Doctor Consultation Market according to our research experts:
Demand has Remained High Since the Pandemic
- The entire healthcare industry, like many others, is undergoing a rapid digital revolution due to the impact of the pandemic. The World Health Organization (WHO) defines digital health as an umbrella term that includes e-health and emerging fields like the application of cutting-edge computer sciences. Many believe online platforms are more expansive and have no geographic boundaries because they operate independently of national health infrastructure.
- Technology serves as a powerful equalizer. The pandemic not only made inequality worse, but it also sparked a rapid rise in digital transformation. We discovered ways to continue advancing science and innovation while expanding access to healthcare by embracing collaboration and digitalization.
- The coronavirus propelled the emergence of digital health, a wide concept encompassing healthcare and teleconsultation solutions, remote monitoring, connected devices, digital health platforms, and health apps. The notion also includes analyzing relevant health data and its use in big data-based systems, such as those used for observational studies and AI-assisted diagnosis support.
- People around the world are becoming more dependent on online doctor consultations and telemedicine during the pandemic. That effect is continuing and is expected to grow higher in the forecast period. People are now introduced to fewer hazards in online doctor consultations than in in-person visits. Similarly, medical professionals have started using digital consultation platforms more regularly owing to the time constraint and more health-related safety.
- Last year, the pandemic continued to be a problem, and since the waiting list situation isn't going away, clinicians are making every effort to facilitate the adoption of new technology that will alleviate the current problems. A key element in ensuring standards are upheld and patient safety is maintained by the clinical analysis of these technologies' efficacy.
- The telemedicine market has expanded considerably in recent years on the back of the Covid-19 pandemic. The global telemedicine market was estimated to be worth USD 50 billion in 2019. The market is predicted to be worth almost USD 460 billion by 2030; it is expected to have tremendous future growth. Many causes, such as rising traditional healthcare costs, funding for telemedicine, and an increase in digital health consumers, have contributed to the market's expansion.
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North America Largely Drives Market Share
- The digital revolution in healthcare in the United States is propelled by federal regulations, financial incentives, technological advancements, and the demands of improving healthcare treatment efficiency, reducing its cost and economic impact, and elevating communications between providers, patients, and payers to 21st-century norms.
- The region is witnessing a continuous uptick in wireless penetration, escalated number of smartphone users, and expanded broadband coverage. Additionally, it is anticipated that the market would rise due to the digital transformation of healthcare systems that incorporate hardware, software, and services. An increase in smartphone ownership and the regular release of innovative mobile healthcare applications with improved functionality contribute to the market's expansion.
- The people of this region depend more on doctor-on-call services in critical situations for a long time. Also, the chronic health condition of the aged people of this region, coupled with the need to reduce treatment costs and time, is driving the sector in the region. Moreover, the National Association of Chronic Disease Directors' study states that nearly 60% of American adults suffer from at least one chronic illness. As the American population ages, more people are labeled as "high risk" for various chronic illnesses.
- The United States is regarded as the global center for technology. With constant innovation and the growing trend of using technologically advanced apps and platforms for medical services are rapidly moving. Many digital healthcare start-ups are growing in the region. The presence of major market participants like Teladoc, Inc., Sesame Care, Amwell, Inc., Doctor on Demand, and many others is a crucial driver supporting this region's industry.
- Being the most technologically sound region, the quick uptake of various apps or software by healthcare institutions, insurance payers, patients, and providers would fuel this market's expansion in the upcoming years. Also, the online consultation market in North America is expected to witness the introduction of many new software and applications. There is a random upswing in the number of registered and experienced doctors in the region enlisting them for online consultation.
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